Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Kingboard Laminates / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kingboard-holdings-limited" target="_blank" data-smartkarma-citation="entities:8122:1" rel="noopener">Kingboard (148 HK)</a> is looking to sell around a 4.3% stake in <a href="https://www.smartkarma.com/entities/kingboard-laminates-holdings-limited" target="_blank" data-smartkarma-citation="entities:10276:1" rel="noopener">Kingboard Laminates (1888 HK)</a> to raise up to US$1.5bn via a secondary selldown.</li>
<li>Kingboard Laminates Holdings Limited is a manufacturer of laminates used in printed circuit boards, and is one of the world’s largest suppliers to the electronics industry.</li>
<li>In this note we talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Kingboard (148 HK) is looking to sell around a 4.3% stake in Kingboard Laminates (1888 HK) to raise up to US$1.5bn via a secondary selldown.
Kingboard Laminates Holdings Limited is a manufacturer of laminates used in printed circuit boards, and is one of the world’s largest suppliers to the electronics industry.
In this note we talk about the deal dynamics and run the deal through our ECM framework.


Aequitas: Kingboard Laminates Holdings Placement - Recent Deals Haven’t Done Well, US$1.5bn Raising

Founder at Stock Spin-off Investing, Stock Spin-Off Investing

Richard Howe

Founder at Stock Spin-off Investing

Stock Spin-Off Investing

Generate attractive returns by taking advantage of inefficiencies in the stock spin-off market.

Stock Spin-offs

Event-Driven

<ul>
<li>
This week, all eyes were on the SpaceX (SPCX) IPO, which priced at $135 per share — an implied $1.77 trillion valuation and the largest debut in history.
</li>
<li>
The stock soared out of the gate, pushing the market cap above $2.2 trillion.
</li>
<li>
For perspective, SpaceX generated $18.7BN of revenue in 2025 and posted an operating loss, so the stock is trading at ~120x trailing revenue.
</li>
</ul>



This week, all eyes were on the SpaceX (SPCX) IPO, which priced at $135 per share — an implied $1.77 trillion valuation and the largest debut in history.


The stock soared out of the gate, pushing the market cap above $2.2 trillion.


For perspective, SpaceX generated $18.7BN of revenue in 2025 and posted an operating loss, so the stock is trading at ~120x trailing revenue.



Equity Derivatives and Volatility Specialist, Clifton Derivatives

John Ley

Equity Derivatives and Volatility Specialist

Clifton Derivatives

Independent derivative and volatility research firm focusing on events/catalysts, earnings, relative value and cross asset volatility strategies.

Equity Derivatives

<ul>
<li>HSI weakness was tempered by a late-week rally, but market moving news kept single stock activity in focus.</li>
<li>Call trading continued to account for a large share of overall activity, with volume concentrated in the early part of the week.</li>
<li>Index and single stock implied vols continued to diverge, leaving average single stock vols looking elevated by comparison.</li>
</ul>


HSI weakness was tempered by a late-week rally, but market moving news kept single stock activity in focus.
Call trading continued to account for a large share of overall activity, with volume concentrated in the early part of the week.
Index and single stock implied vols continued to diverge, leaving average single stock vols looking elevated by comparison.


Hong Kong Single Stock Options Weekly June 08–12: Financials Lead, Vols Diverge, SPCX Debuts

Derivatives and Quantitative Strategist

Gaudenz Schneider

Nasdaq-100 Stock Index / Equity Derivatives

<ul>
<li>
Context: The <a href="https://www.smartkarma.com/entities/chicago-board-options-exchange-volatility-index" target="_blank" data-smartkarma-citation="entities:31501:1" rel="noopener">VIX</a> / <a href="https://www.smartkarma.com/entities/cboe-nasdaq-100-volatility-index" target="_blank" data-smartkarma-citation="entities:49404:1" rel="noopener">VXN</a> ratio has reached a two-sigma extreme, with Nasdaq-100 implied volatility trading at a historically wide premium to S&amp;P 500 volatility despite a rising market backdrop.</li>
<li>
What the dislocation signals: The widening VXN premium points to materially higher uncertainty in the tech- and AI-heavy Nasdaq-100, with implications for hedging costs, relative valuation, and tech/AI risk premia.</li>
<li>
Key event risk — SpaceX IPO: The <a href="https://www.smartkarma.com/entities/space-exploration-technologies-corp-spacex" target="_blank" data-smartkarma-citation="entities:33284:1" rel="noopener">SpaceX (SPCX)</a>   IPO, with potential <a href="https://www.smartkarma.com/entities/nasdaq-100-stock-index" target="_blank" data-smartkarma-citation="entities:26197:1" rel="noopener">Nasdaq-100 (NDX)</a> inclusion, could sustain or widen the <a href="https://www.smartkarma.com/entities/cboe-nasdaq-100-volatility-index" target="_blank" data-smartkarma-citation="entities:49404:1" rel="noopener">CBOE NASDAQ-100 Volatility (VXN)</a> premium.</li>
</ul>



Context: The VIX / VXN ratio has reached a two-sigma extreme, with Nasdaq-100 implied volatility trading at a historically wide premium to S&amp;P 500 volatility despite a rising market backdrop.

What the dislocation signals: The widening VXN premium points to materially higher uncertainty in the tech- and AI-heavy Nasdaq-100, with implications for hedging costs, relative valuation, and tech/AI risk premia.

Key event risk — SpaceX IPO: The SpaceX (SPCX)   IPO, with potential Nasdaq-100 (NDX) inclusion, could sustain or widen the CBOE NASDAQ-100 Volatility (VXN) premium.


Nasdaq-100 Vol Premium Hits Two-Sigma Extreme Vs VIX

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/space-exploration-technologies-corp-spacex" target="_blank" data-smartkarma-citation="entities:33284:1" rel="noopener">SpaceX (SPCX US)</a> kicked off the process for what will be the largest global IPO ever.</li>
<li>There were a few placements over the past week, while we also had a look at some of the upcoming lockup expiries.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, SpaceX (SPCX US) kicked off the process for what will be the largest global IPO ever.
There were a few placements over the past week, while we also had a look at some of the upcoming lockup expiries.


Aequitas ECM Weekly (8 June 2026) - SpaceX, GO, Dajin, Merdeka Gold, DSC, WT Micro, JD Industrial

United States

Space Exploration Technologies Corp., doing business as SpaceX, operates as an aerospace manufacturer and space transportation services company. The Company designs and manufactures rockets, human spaceflight, and global satellite internet services. SpaceX serves customers worldwide.

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SpaceX (SPCX US)

Aequitas: Kingboard Laminates Holdings Placement - Recent Deals Haven’t Done Well, US$1.5bn Raising

Kingboard (148 HK) is looking to sell around a 4.3% stake in Kingboard Laminates (1888 HK) to raise up to US$1.5bn via a secondary selldown.

Sumeet Singh

Weekly Update (HONA, HON, MEDXF)

This week, all eyes were on the SpaceX (SPCX) IPO, which priced at $135 per share — an implied $1.77 trillion valuation and the largest debut in...

Richard Howe

Hong Kong Single Stock Options Weekly June 08–12: Financials Lead, Vols Diverge, SPCX Debuts

A late HSI rally softened the weekly decline, but single stock option activity remained focused on Calls, Alibaba headlines and rising single stock...

John Ley

Nasdaq-100 Vol Premium Hits Two-Sigma Extreme Vs VIX

Nasdaq-100 implied volatility trades at a historically wide premium to S&P 500 volatility, signalling higher Tech/AI risk pricing. The SpaceX IPO...

Gaudenz Schneider

Aequitas ECM Weekly (8 June 2026) - SpaceX, GO, Dajin, Merdeka Gold, DSC, WT Micro, JD Industrial

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

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